For instance, a taxpayer in the top income bracket would receive a $37 benefit for every $100 contributed to a retirement account. By comparison, a taxpayer in the bottom bracket would get just a $10 benefit in exchange for the same $100 contribution.
But Biden has proposed eliminating such deductions and instead replacing them with flat tax credits for each dollar saved, as first reported by Roll Call. The campaign has not specified with the percentage would be, but the Tax Foundation estimated that a 26% credit would be roughly revenue-neutral, something the Biden campaign is aiming for.
https://finance.yahoo.com/news/biden-retirement-proposal-overhaul-traditional-173611440.html
Good or bad idea?
But Biden has proposed eliminating such deductions and instead replacing them with flat tax credits for each dollar saved, as first reported by Roll Call. The campaign has not specified with the percentage would be, but the Tax Foundation estimated that a 26% credit would be roughly revenue-neutral, something the Biden campaign is aiming for.
https://finance.yahoo.com/news/biden-retirement-proposal-overhaul-traditional-173611440.html
Good or bad idea?
